Yes, that is correct. Even Law and Order wants to get in on estate planning drama. The drama that unfolded in this recent episode pertained to coincidental deaths of several millionaires at a cancer clinic which engaged in "experimental" cancer treatment. When all else had failed, this was apparently the place to go, especially if you had money. The only problem was that it was a one way visit. You checked in but never checked out, at least not alive.
So, here is the estate planning twist. The federal estate tax which would be a 45% tax on estates in excess of 3.5 million, sunset in 2010. In 2010, there is NO federal estate tax on these high level estates. We do not know what will happen in 2011 but if Congress does nothing, the federal estate tax will return.
On Law and Order, the millionaires had cancer which could no longer be treated traditionally. They were given say another year or two to live. BUT, this "experimental" treatment "might" provide them with a longer life span option or even a "cure". Needless to say, it did not prolong the life of those expected to live "maybe" another year or two. They died in 2010. The millionaire that was given only a month to live in 2009 did live longer into 2010 before dying but the quality of life was highly questionable.
All of the families of these millionaires inherited these estates FREE of federal inheritance tax. Was this a crime? Sorry, I fell asleep before the end of the show, but what do you think? Leave your comments here or contact me at http://www.ythlaw.com/
So, here is the estate planning twist. The federal estate tax which would be a 45% tax on estates in excess of 3.5 million, sunset in 2010. In 2010, there is NO federal estate tax on these high level estates. We do not know what will happen in 2011 but if Congress does nothing, the federal estate tax will return.
On Law and Order, the millionaires had cancer which could no longer be treated traditionally. They were given say another year or two to live. BUT, this "experimental" treatment "might" provide them with a longer life span option or even a "cure". Needless to say, it did not prolong the life of those expected to live "maybe" another year or two. They died in 2010. The millionaire that was given only a month to live in 2009 did live longer into 2010 before dying but the quality of life was highly questionable.
All of the families of these millionaires inherited these estates FREE of federal inheritance tax. Was this a crime? Sorry, I fell asleep before the end of the show, but what do you think? Leave your comments here or contact me at http://www.ythlaw.com/
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